Otis Worldwide Co. (NYSE:OTIS) is Sarasin & Partners LLP's 8th Largest Position

Sarasin & Partners LLP decreased its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,823,792 shares of the company's stock after selling 311,479 shares during the period. Otis Worldwide comprises approximately 3.7% of Sarasin & Partners LLP's investment portfolio, making the stock its 8th biggest holding. Sarasin & Partners LLP owned about 0.95% of Otis Worldwide worth $397,445,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OTIS. Hancock Whitney Corp grew its position in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company's stock worth $253,000 after buying an additional 111 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company's stock worth $965,000 after purchasing an additional 117 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Otis Worldwide by 7.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company's stock worth $185,000 after purchasing an additional 124 shares in the last quarter. Brighton Jones LLC lifted its holdings in shares of Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company's stock valued at $248,000 after purchasing an additional 124 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in shares of Otis Worldwide by 0.9% during the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company's stock valued at $1,437,000 after purchasing an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on OTIS shares. Barclays upped their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Royal Bank of Canada restated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an "equal weight" rating in a report on Monday. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $102.71.

Otis Worldwide Price Performance

NYSE:OTIS traded up $1.05 during midday trading on Friday, hitting $104.03. The company's stock had a trading volume of 2,407,199 shares, compared to its average volume of 2,120,132. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.39. The firm's 50 day moving average is $96.21 and its 200-day moving average is $96.42. The firm has a market cap of $41.67 billion, a P/E ratio of 29.06 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.74 billion. During the same quarter last year, the company posted $0.92 earnings per share. The firm's revenue was down 3.2% compared to the same quarter last year. As a group, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. Otis Worldwide's payout ratio is 43.58%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.